The bank is working with Goldman Sachs and Rothschild in analysing possible M&A scenarios, said multiple people following the situation.

One of these people added that the banks are not strictly preparing a defence strategy against a takeover bid but also are advising Commerzbank on its options.

Despite its past troubles, Commerzbank is attractive to larger banking rivals because it is among the most important lenders to the German Mittelstand, the dense network of small and medium-sized companies that form the economic backbone of Europe’s largest economy.